Illinois § 15
Full text of Illinois Illinois Compiled Statutes § 15, with citation guidance and answers to common questions.
§ 15.
Approval of transfers of structured settlement payment rights. No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order based on express findings by such court that: (1) the transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents; (2) the payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received such advice or knowingly waived in writing the opportunity to seek and receive such advice; and (3) the transfer does not contravene any applicable statute or the order of any court or other government authority. (Source: P.A. 99-286, eff. 8-5-15.)
Frequently Asked Questions About Illinois § 15
What does Illinois Compiled Statutes § 15 cover?
Section 15 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 15?
A common citation format is "Illinois Compiled Statutes § 15" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 15 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.